SC H4659

Amends Section 33-44-409 of the South Carolina Code regarding general standards of conduct for members and managers of limited liability companies (LLCs)

Creates an exemption from the duty of loyalty prohibition on competing with a member-managed LLC before dissolution when two conditions are met: the operating agreement lacks an enforceable noncompete provision, and the member is also a member of another LLC

Applies retroactively to any limited liability company existing on or after the effective date

Takes effect upon Governor's approval